Market-Hours Risk Engine

Phase State Machine

The market schedule decomposes any Unix timestamp into one of four operational phases:

Phase	Time Window	Max Leverage	Mode	Funding Rate
`OPEN`	Mon–Fri 14:30 – 20:00 UTC	20.00x	Normal Trading	1.00x Standard
`PRE_CLOSE`	Mon–Fri 20:00 – 21:00 UTC	Linear 20x $\to$ 5x	Deleveraging Warning	1.00x Standard
`CLOSED`	Fri 21:00 – Mon 14:30 UTC	5.00x	Reduce-Only	2.00x Defensive
`REOPEN_COOLDOWN`	Mon 14:30 – 14:45 UTC	Linear 5x $\to$ 20x	Liquidations Active	1.00x Standard

During the 3,600 seconds leading up to Friday 21:00 UTC, the maximum allowable leverage

L_{\max}(t)

tightens linearly:

L_{\max}(t) = L_{\text{closed}} + (L_{\text{open}} - L_{\text{closed}}) \times \frac{t_{\text{close}} - t}{\Delta t_{\text{pre\_close}}}

Where:

In the final 10 minutes before market close (

T - 10\text{m}

T

), keeper bots can invoke deleverage() on any position exceeding the upcoming 5.00x weekend limit:

function deleverage(address trader) external onlyRole(KEEPER_ROLE);

Executed at Fair Market Prices: Positions are trimmed at the active Friday close price ($4,150.00) rather than at a panicked, discounted Monday open.
Trader Margin Preserved: Traders receive the excess margin back into their account balance; they are not liquidated.
Vault Protected: Because high-leverage risk is retired before market close, the liquidity vault carries zero 20x exposure across the weekend scoreboard blackout.